Brushing Up

Mopping up past mistakes and infusing fresh discipline in the 225 state owned enterprises, a mandatory Code of Best Practices in Corporate Governance has received the cabinet green light.rn

rnSeven of the largest public enterprises and four state banks are to be re-hauled when the code comes into force by January 1 next year, before being extended to the others, Additional Director General, Public Finance Ministry, V. Kanagasabapathy said.

rnrnThese include the Ceylon Electricity Board (CEB), the Ceylon Petroleum Corporation (CPC), the Cooperative Wholesale Establishment (CWE), the Ceylon Timber Corporation, the State Pharmaceuticals Corporation (SPC), Sri Lanka Ports Authority (SLPA) and the Water Supply and Drainage Board.

rnrnThe Board of Investment (BOI), the Securities and Exchange Commission (SEC),National Savings Bank and Bank of Ceylon are also included in the clean up effort.

rnrnThe code, drawn up by a Ministerial Committee with assistance by the Asia Development Bank, attempts to arrest fal